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. doug is right, debt ceiling expiring doesn't automatically cut spending but the sequester does. cuts across the board manner, social security, medicare and medicaid are exempted. deep cuts into the military and discretionary spending will go into effect. those things will happen simultaneously and force people back into the bargaining table to come up with at least a temporary patch. melissa: solving the problem in the long run is the real problem we have. governor, how do we deal with that? this is fundamental disagreement between two groups of people one side believes the government should get larger and have a bigger role and needs more revenue to do that the other side thinks we need to shrink government. those are so diametrically opposed points of view. i don't know how even though we're at this crisis point how do you resolve that fundamentally different point of view? >> well, look that different point of view has been going on since, you know, ham milt ton and -- hamilton and jefferson argued about these issues almost 2 1/2 centuries ago. it will not go away. whatever we agr
think you can do to advance the debt ceiling debate in the right direction of the country? >> any discussion about the debt ceiling must include a spending cut, serious discussion and movement and action about spending cuts and reforms that will reduce our debt. the american public is tired about us kicking the can down the road, tired of the do-nothing congress. the senate hasn't passed a budget in over four years. we learne learn for the fifth yr running we have a deficit now for the fifth year in a row of over a trillion dollars. that is unsustainable, immoral, wrong for the future of our children and as a mother of three and protector of american's future we are going to attack this crisis and make sure we get to the bottom of all of i that as we move forward. cheryl: i say this in all honesty, good luck to the both of you and the 113th congress. we will be watching. thank you. dennis: i wish them luck. facebook try to create some buzz around their midi even media evt week. setting up this invite that simply says, an to see what we e building. while the invitation is rather my
. it is not wise to do that around raising the debt ceiling. not right -- wise to do it around the principle that we pare debts. >> if i could ask about chuck hegel, one of the things he raised was the comments that he made about james hormel who came under fire by anti-gay groups. i am wondering, he made those comments 15 years ago and did not apologize for them until a month ago when it was clear he was in the running to be the secretary of defense. why that kind of delay? does she have to explain this comments -- does he have to explain his comments? >> he regretted them and they do not represent the totality of his use. -- his views. i would point you to the statement he made. and he will have -- senators will have an opportunity through the confirmation process, as they do traditionally and routinely, to ask him questions about his views on issues. the secretary of defense -- senator hagel, when he is confirmed, as we hope he will be -- carries out the president's policies. and i think the president's policies on lgbt issues are both commendable, supported by the lgbt community, and wil
-- >> he's raiding, he's raiding. >> he's reinvestments right now to stave off default of the debt ceiling. >> greta: today has there been any discussions that you know of between the white house and capitol hill what to do about the debt ceiling or sequestration by the principals? >> not that i know of. right now we're seeing posturing that happens, republicans are saying that there has to be an equal number of spending cuts for every dollar the debt ceiling is raised and the white house making it clear their position, they're quote not going to negotiate on the death ceiling or held hostage. we're kind of at a stand still. >> greta: and i know you're reporter and comment, the idea that we're going to go broke in weeks, and no more money under stones and downgraded, and not able to meet our obligation, internationally and fact that the principals aren't talking and posturing is appalling. and any plans to, timothy geithner is going to be leaving before this is resolved as secretary? >> looks that way, looks like very soon to be an announcement, jack lew chief of staff to president obama w
billion. >> what i asked is can we trust congress to do the right thing when it comes to the debt ceiling? seventy-seven% of the people say washington d.c. is hurting the nation. folks are on to the game how likely is you can solve the debt ceiling issue and also save money? >> that will complete the depend on everybody coming to the table. we have the senate that things one thing in the house that thinks something different to. and tell there on the same page it is tough. the senate has not passed a budget in four years? it makes it difficult to do a budget agreement. so we have to get to the table. our hope is they will put out a budget. >> congressmen where should we cut spending? >> start with everything from 2007. we spend $1 trillion more per year than 2007 with a bunch of small items say why has this increased in five years' time? 2007 inflation-adjusted we would be almost in balance right now. we talk about 100 billion but we're at one point* $1 trillion. so get every single item whether it is free cell phones or in panama programs. gerri: is in the entitlement programs front and
default and preempt the debt ceiling crisis. >> stephen: we should have known that a coin was obama's solution to everything. it was right in his slogan. change. it's legal in that it is not technically illegal. [ laughter ] let me explain with someone else's mouth. >> technically it does appear to be legal. here is how. >> the u.s. government can print new money but there's a limit to how much paper money can be until circulation at any one time. there are rules that limit the denominations that gold, silver and copper coins can be but there's no limit on platinum coins. the president can issue a platinum coin in any denomination. the treasury can mint it and print on it $1 trillion. it president can order it to be deposited at the federal reserve. >> stephen: then ben bernanke goes to the fed break room vending machine, inserts the count and picks either cheese nips or save the world economy. [cheers and applause] folks -- frankly, i do not think this will ever hasm first of all, when -- ever happen. first of all, what do you put on a trillion dollar coin snon the tail side a bald
the downside, my thinking as it is important right now to follow the technicals and the debt ceiling will be a bigger drive for stocks. that is important to note. adam: what about gold? it has been surprising given a lot of people think all of its funding from the federa federale and the other central banks should be running from gold, why aren't they? >> there are a couple of issues in gold right now. we haven't been able to hold below the 1650 level for any amount of time at all. again, looks like we will see 1700 range. we have japan stepping in. also china coming in picking up. one thing that we're looking at, and it will put a tax on gold and also help in the gold price run urun-up little more, south a with the employees and there is a lot of talk of shutting some of these down completely for now. a new group of employees in at a cheaper rate taking time. adam: i wanted to see how this would play the platinum coin and how you would play that. save that for another day. liz claman coming up with tim tebow in just a little bit, we'll head back to las vegas after this commercial br
-called mini cliffs, the big one, the debt ceiling, something he will have to deal with right away. >> when is the formal announcement of the nomination expected and another partisan fight down the road? >> very well could be. we have been trying to nail it down. all we have from sources is that it will happen sometime this week mptd not certain if that is tomorrow or friday or over the weekend but it will happen sometime this week. we have seen already in other nominations that the president has put forward that there has been a pushback from republicans and democrats to the nominee. unclear how the lew nomination will go. i think by all accounts everyone believes that he will be able to get confirmed. but there are concerns not only from wall street but all the way to main street that he doesn't have the experience needed to tackle the big challenges ahead. >> thanks for that. let's bring you in. timothy geithner being with the president from the beginning they have faced financial hurdles together. still facing that $16.4 trillion debt ceiling coming up. why is the white house so sure j
on the fiscal cliff, that's great. i can't wait to see what he's going to do on the debt ceiling, on the sequester, and on the continuing resolution as we get closer to his d-day. >> the thing, though, is in terms of national brand management, when you look at the polling, right, the approval rating, john boehner's approval rating on handling the debt ceiling negotiations, 31%. his disapproval rating is 51%. the president's disapproval rating 52%, disapproval, 37%. >> that's what i found hysterical. john boehner's office put out this dramatic statement that he would no longer sit down at the table and be part of the negotiations as if that's been a path to victory or he realized he had no role in this, no effective role. the problem with the republican party is they don't know who they are. they can't figure out who they are. you mention tom cotton. i know another interview i read from him recently, he said, i'm ready to take my medicine. he's not taking any medicine, it's the american people, the people getting their health care cut, their education funding cut, and it's like ge
shut downs and debt ceilings. vice president sebiden is meeti with the nra and senator feinstein wants to ban handguns the kudlow report begins right now. >> cnbc contributor jared bernstein. i can't think of a single reason why they have to put in such an unstring wi undistinguished person in such an important spot. >> i take issue with that. you have to take into consideration issues, but i will say when it comes to one of the most important jobs of the treasury secretary, which is managing the budget, you can't have a better guy than jack lu. you can talk a lot about it. >> that is where i disagree. this is not, hang on a second. i'm going to give jimmy a whack at this. this is not the director of the office of managing the budget. that is where i used to work. this is about financial matters. this is about guys who know what goes on at the world's financial capitol. this is about guys who used to look after the currency and about guys who are going to have to deal with republicans over the debt ceiling and according to every leader that i have talked to, he is poison to republicans
it right? will we go over the cliff, another debt ceiling and if we don't we could have a very robust capital markets this year, an that's what encourages me for the big money centers. for the smaller guys starved for loan growth and margin pressures they will be buyers. the really small guys will be the sellers and you'll see a lot of m & a opportunity out here. >> jason this morning you raised estimates on three banks. you lowered estimates on nine banks. tell me what was behind that. you're expecting the quarter to be what, more negative than positive for the sector overall? how do you see it? >> fine tuning here and there with overall estimate. i think generally for the earnings for the quarter. we think about half our banks will beat expectations. half miss. if you think during the course of 2011 the banks steadily beat numbers and fourth quarter a lot due to expenses they hit a road bump. this year they have beaten consensus through the first three quarters of the year so it's interesting to see what the fourth quarter brings, but we do think the market compression will be an is
and the government could use that to pay the debt, avoid default and preempt the debt ceiling crisis. >> we should have known a coin was obama's solution to everything. it was right there in his slogan. change. [ laughter ] >> bret: so clever. thanks for inviting us into your hom
. >> the issue right now and the conversation has been the debt ceiling, which we are about to smack up against. the doom and gloom reporter every morning about the debt ceiling. so spending and debt ceiling to a large degree, while they are connected, they are different conversations. debt ceiling, we have spent that money. that a difficult from verizon that has come due you have to pay. >> you are borrowing more money to spend in the future. we are borrowing money to pay off past debts. no. if we weren't doing more deficit spending, we wouldn't have to borrow more money. the debt ceiling, last one could you say, the debate was messy. we didn't get a downgrade because the results of that debate didn't solve the problem. president obama, after he got his tax increase, the tax part of his balanced approach, when he came out and said, okay, now, the debt ceiling is off the table, not going to negotiate it -- >> because it's spent, right? $16 trillion national debt. that's money that has been committed by congress. it's been committed by the very people who will fight over whether we should pay th
on the debt ceiling. you've got guys like mcconnell and boehner say -- >> you may be right. the restoration of the old northwest republican party under the leadership of chris christie. somebody's got to bring it back which you're part of. you don't act like it sometimes. you're going to be one of them. wouldn't you like to be press secretary to chris christie of the united states? what a job. >>> what's wrong with this picture? here's what a gathering of president obama's top cabinet officials and aides might look like. a lot of people are looking at this saying where are the women and minorities? the group that put the president back in the white house. >>> also could the answer to the gop's problems be found somewhere in the swamps of jersey? sounds like the colonial wars. that's a bruce springsteen reference. now one of the biggest fans is chris christie. he may be what they need to break out of their super religious people. here's my question. how does a pragmatist like christie get through a tea party driven primary season. >>> christie wants to save the party from itself. republicans
leverage now over the debt ceiling. >> yeah. >> sean: so my question to you, you said they should be willing to shut the government down, not all functions. >> right. >> sean: what would you shut down and do you think your fellow republicans had do that? >> well, i hope we stand strong. the reason we got a lousy deal with the fiscal cliff, because president obama had the leverage. because when you've got a divided government, whoever owns the default, whoever wins if nothing is done is in the strongest position, obama was in a strong position there if nothing was done taxes were raised on every american taxpayer. with respect to the debt ceiling, we have the default. if fiscal conservatives can stand together we can have some substantive reforms, pro reforms, if not a default and obama it going to say that over and over and over again, we should be clear, it's not a default we should always, always, all the pay our debt. what it would be a partial government shutdown. we saw it in 1995 with republicans in congress. >> sean: it worked. we got to a balanced budget for the first time
connell will somehow make him less likely to deal with democrats when it comes to the debt ceiling? >> first i would like to thank brent because all of this is great for sales of the book. it shows how you have a republican party that has a large faction, the dominant faction that has moved to the fringes of american politics and compromise is out of bounds for them. for mcconnell there's a real dilemma here that has two components to it. the first is he is up for reelection in 2014 in a state where he is no longer the king maker. he did everything he could to keep rand paul from winning nomination two years ago, and failed miserably. now he has hired paul's campaign manager, has his own campaign manager, but he has to worry a little bit about pressure from the right. and john boehner has pretty much taken himself out of the lead-dog role in negotiating with the administration and that makes it fall back on o'connell for the fiscal issues immigration, probably guns, and a host of other issues where everything that mcconnell does to reach a deal -- look at that fiscal cliff
not only those spending cuts that were delayed as part of the fiscal cliff. they have the debt ceiling to deal with. and now these nominations of chuck hagel and john brennan over to the defense department and cia. so now it is a question of how much time they have, but now i think a lot of people will be watching, does harry reid make that time? >> some states are taking this one step further, proposing state laws that would actually make it criminal for a doctor like yourself to ask a patient. you could actually lose your medical license for asking, is that correct? >> yeah, and i'll tell you, it was even more than that in the original version of the bill down in florida, for example. and there are seven other states like this. the original version was that you could impose jail time for simply asking. so a physician asking a patient about guns could land them in jail, according to the original version. there was a scaled back version that was subsequently put forward, that you could still lose your medical license, you could get financial penalties. that was subsequently overturned
to raise the debt ceiling. we can and should negotiate over how we continue to reduce our deficits in a responsible and balanced way. but we should not play chicken with the full faith and credit of the united states. >> the treasury department estimates that if the debt ceiling is not raised, the united states may just hit that ceiling by midnight on valentine's day, five weeks from today. but congressional republicans might, they just might be ready to blink. here is republican senator ron johnson of wisconsin on fox news this afternoon. >> what about the debt ceiling deadline -- would you go through that, risk shutting the government down? >> we don't have to do that, we should not be playing this -- >> i know that, but what would you do? >> again, that is a hypothetical situation. >> senator mitch mcconnell evaded question after question about raising the debt ceiling on monday. >> it is a hostage worth ransoming, is that the strategy you would ransom that again here, to force the kind of spending cuts that you think are necessary? >> it is a shame we have to use whatever lever
a problem with congress. i've got a problem with the debt ceiling. let me pick a guy who almost all sides agree is one of the foremost experts when it comes to the budget. >> rick, what do you think? jump in here. >> well, you know, carlton college, harvard, '73 and a to tip o'neill, a former lifer bureaucrat here. instead of someone like a jamie dimon, and i think steve is absolutely right. i don't think there's a human being on the planet who knows the current budget and its issues better than jack lew which is exactly the reason i would say he's absolutely not my first choice for the job or the fifth guy in line to be president should anything happen to the other four because i think he's going to have a parental relationship, so to speak, with the budget and its process in trying to change it, and i think that that paternal instinct is going to be defending it versus, you know, actually trying to make a difference. looking at the budget even though we technically haven't had one. we've had continuing resolutions. i think we need someone that will look at frankenstein monster called th
in class at cnbc.com. >> right after the break, former fdic chair sheila bair on the debt ceiling, and financial reform. don't go away. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. ♪ ♪ ♪ [ male announcer ] some day, your life will flash before your eyes. ♪ make it worth watching. ♪ the new 2013 lexus ls. an entirely new pursuit. >>> welcome back. i'm sharon epperson at the nymex. breaking news from the energy department on oil inventories. oil supplies in the last week rose by 1.3 million barrels. crude supplies were up by 1.3 million barrels. the big surprise was the big build in gasoline. gasoline supplies rose by 7.4 million barrels. fuel supplies also a big increase there, up by 6.7 million barrels. the big mover on this news, gasoline futures are at the lows of the session right now. of course, the api, the
they progress was made at all. the sequester solons. the debt ceiling hasn't been increased. continuing resolution, what this government is running on right now still runs out on march 27. the sustainable growth rate of 27.4% was pushed off for another year. in other words, we had everything we had before in the way of uncertainty. but the path forward is if any named mercury that was was on december 31st and in many ways, the consequences of failure to resolve any of these issues is probably greater now than they were at the end of 2012. finally, there is hope that a successful resolution of the fiscal cliff to be with those clear the decks for other important legislative priorities , immigration to name one and creative or constructive , less partisan, less toxic environment in which the congress can prove to be more to come to the executive branch relationships would be improved. on this dimension, i fear if they changed at all, they've deteriorated. at a minimum, the first six months of this calendar year will be absorbed trying to do with all of these issues that weren't resolved a
ready to face off with congress over the debt ceiling, gun control and immigration. the latest on a grew some murder trial underway in phoenix right now for the woman who claims she shot her boyfriend, stabbed him over and over again and slit his throat but all of it, she says, was self-defense. >>> plus, could diet soda cause depression? we'll talk to dr. manny. it is all "happening now." jon: a lot of news to get to today but we begin with this fox news alert on a brand new outbreak of a fast moving and very contagious disease. good wednesday morning, everybody. i'm jon scott. jenna: we're talking about a new strain of norovirus first emerging in australia. known because of that acid any 2012. now it is hitting the united states in 2013. adam housley has more on all of this. what is going on? >> reporter: this is being watched all across the country. this is flu season and flu outbreak numbers have gone up across the country. this is not flu. a norovirus, gastrointenstinal virus. when you have a new strain goes up by 50%. this strain first showed up on the scene in australia back in se
go again, in the next major debt battle which has to do with the debt ceiling, the next chapter of this whole thing. they gave up on the tax hikes in the fiscal cliff deal. democrats have promised to deal with cuts during the next fight and extending the nation's credit card limit but critics say the potential nomination of the white house chief of staff jack lew to treasury secretary shows president obama has no intention following through on cuts. here is charles krauthamer on this last night. >> he is not interested in spending cuts. he is not interested in reform. he wants to defend the entitlement state. he wants to defend obamacare. even add on to it. he calls it investments. of course normal people would call it spending. and lew is the guy you want if you want to hold the fort what i call reactionary liberalism. you have the great achievements of the last century in building an entitlement state. he is the guy who would defend the for the. martha: great achievement in building entitlement society. says charles krauthamer. we have marjorie clifton and braid blakeman. good
to play hooky or a game of cards with the debt ceiling, nancy pelosi, she should be, they have sort of said that they would be willing to do, you know, the approximately should enact section 4 of the 14th amendment. >> that's right. >> if congress is so reckless that it's prepared to send this economy into turmoil and the only option for us to avoid this default is the president to invoc the 14th amendment, i encourage him to do that. we cannot let this economy become the victim by tact cal politics. >> those aren't sure, how would the president enact the 14th amendment. >> how would the steps play out there. >> it would be a straightforward excuse me order. the 14 th amendment. you can't if the congress refused to authorize it, the president by executive order would direct treasu tree to meet the obligations coming due and that would include the bondholders who have lengtht us money, the contractors in the middle of construction of a road and then, obviously, there would be a lawsuit that followed an the courts would have to sort out who is right or wr
. >> good morning. >> stephanie: what's not chuckly about having a crisis about the debt ceiling going on? what's going on? >> it looks like we're headed for deja vu all over again as yogi bear would say. i sense that things are change a little bit. i've listened to some of the republican leaders, it is dawning on them they're in a very very tough situation. if they try to hold the economy hostage, the country is going to revolt against them and the congressional rating is going down below 10%. they know that's on their head and not democrats. so i think it is probably all going to work out. it probably won't be the best result for anybody but i don't think we're going to go over any kind of cliff again. >> stephanie: when you know when you're taking political advice from newt gingrich, something has gone awry. >> frankly, i wouldn't try that again. did i. >> stephanie: somebody was saying yesterday it is good the president has held firm. i'm not going to negotiate over that. i think you know, despite their rhetoric, it is starting to sink in right? >> well, exactly. see the figures that
of that dialogue and the need to raise the debt ceiling and focus on spending cuts, it will be interesting over the next few weeks to see where corporate tax reform falls out of that conversation. >> i'll make my way over here in a moment. >> david -- [inaudible] can you tell us what is your top legislative priority this year? >> we have a lot of priorities. as i mentioned in the earlier comments, the first one is to encourage government and policy makers to do no harm. if we look at the game-changing opportunity that occurred at the energy area particularly in oil and natural gas today, it's revolutionary truly. our first council as we look to the priority is to say don't do anything that would discourage that investment and economic. when we look at priority we look at regulatory regime. we look to the congress and say what else can we do to open other area of access. we're not talking about national park or sensitive areas. we're talking about areas that have potential for vast oil and natural gas development. the industry would be prepared to invest billions of dollars to hire hundreds of t
to the debt ceiling debacle perhaps, you know, we've already heard the bid offer starting. we've heard the democrats say, look, we want more revenues. have we fixed the tax issue? i don't think the markets completely appreciating that part of the debate. $600 billion, i think obama wanted $1.6 trillion. i think boehner got us to 800. that was the bid offer, it never happened. we'll see what happens, i think. the opening bid for the democrats will be -- no, we need more revenue. >> why you -- why are you happy then? >> i'll tell you why. when we sat here in the fall, we said you have to look through the cliff in some ways when you're investing in the market. we expected gains to go to the last day. i expect gain theory to go right to the last day. >> then it will do something. >> then, guess what, are we going to default on our debt? highly unlikely. >> we'll do something half -- that's good enough because the u.s. economy is resilient. >> i hate to say it -- >> he said half [ bleep ]? >> no, he said we're making progress step by step. while it's hard to see it through all of this, he l
hill gear up for that battle over extending the debt ceiling with the global embarrassment that serves as economic policy debate in washington these days. i have a hunch tim gheit neeith won't miss taking part in another one of those showdowns. >>> aig made the right decision, the decision not to join a crabby shareholder lawsuit against the u.s. government. probably heard by now about the lawsuit, led by former aig ceo maurice hank greenberg. it claims the terms of the $182 billion government bailout which saved the company possibly planet earth as well from financial meltdown were too harsh. the lawsuit was looking for $25 billion. pretty outrageous. but the board did have a responsibility to take a look at the lawsuit and decide whether or not to join it. the company's board met today and made the right decision. the case will go forward, however. aig won't be a party to it. the government has divested itself of the entire 92% of aig that it or more accurately you owned. the profit on the deal was $22 billion. that's it for me from the cnn money newsroom in new york. i'm out. same t
Search Results 0 to 32 of about 33 (some duplicates have been removed)